Sergey Tokarev: Ukrainian Startups Can Get Aid from Tech Circle

Since the full-scale invasion of Russia started, the Ukrainian IT area has experienced the worst times from all perspectives. Many startups and companies were obliged to close businesses cos of the harsh reality of the war. In order to support Ukrainian IT companies, international venture funds and technology companies join forces. Sergey Tokarev, the founder of the technology company Roosh, is one of the project’s initiators. The entrepreneur explained the purpose of the Ukrainian Tech Circle and how Ukrainian startups can receive aid.

What is the objective of Tech Circle?

Ukrainian Tech Circle is a global network which incorporates angel investors, venture capitalists, entrepreneurs, and tech professionals. They have manifested their eagerness to help Ukrainian tech startups and projects affected by the Russian invasion of Ukraine. This project focuses on appealing to additional investment and new customers for techies. Also, participants have an opportunity to get consultations with tech experts.

Tech Circle was initiated by Sergey Tokarev, Den Dmitrenko, a managing partner in the tech company Roosh, and Nina Levchuk, a head of Startup and VC at Google in Central Europe. The idea of creating such an initiative has shown up as a response to the full-scale Russian invasion of Ukraine.

Sergey Tokarev explains that many projects lost their financial resources and up to 100% of their revenue. Only about 1% of projects could adapt to the new reality, like Diia, Reface, and Ajax Systems. The rest, 99%, is in dire need now. Thus, the initiative team is meant to offer aid in three key areas: fundraising, contract sourcing, and advising.

Who helps Ukrainian techies?

As soon as the project was announced, many companies joined immediately, including tech company Roosh and venture fund Roosh Ventures. Roosh is a Ukrainian tech company focused on AI and ML. Its portfolio incorporates the Reface app, Pawa venture studio, ZibraAI deep-tech startup, venture firm Roosh Ventures, and educational projects AI HOUSE and SET University. 

Among international venture firms are BBQ Capital, Spaceсadet Ventures, Samaipata, ff Venture Capital, Caixa Capital Risc, Chamaeleon, and such companies as Neurons Lab, Alma, TheGuarantors, Libeo, Silicon Allee, Powder, Chamaeleon, Google for Startups also became a part of the initiative.  

Who can join Ukrainian Tech Circle? 

Tech Circle initiative is open to all Ukrainian tech businesses and startups in dire need. To join the project, they need to fill out the application form. Sergey Tokarev adds that Ukrainian investors, venture capitalists, and tech businesspeople can also join the program to share their experience, funding, etc.

"The number will definitely grow, as well as partners with mentors. For example, after the initiative's launch, early-stage VC firm Chamaeleon joined our circle," said Tokarev.

At the moment of launching the initiative, there were 50 applications. The Roosh founder believes that the project can save hundreds of Ukrainian tech startups and, as a result, it will bear fruit for Ukraine and the world at large.